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Why Your Timeshare Inheritance Actually Isn’t Such A Nice Gift After All

Jan 11

When timeshares first came onto the scene in the late 1960s and early 1970s, the concept seemed pretty great: families got a chance to own part of a property and spend time vacationing there every year without dealing with too many ownership responsibilities. But these days, it’s widely known that timeshares are typically more trouble than they’re worth (literally!). Although a lot of people now understand that buying a timeshare is usually an unwise financial decision, the unfortunate truth is that many families have been taken in by a clever sales pitch and the idea of getting to spend a week in paradise every year.

Many middle-aged and senior Americans still own timeshares, as the average age of timeshare owners in the U.S. is 46.8 years old. And unless these owners take steps to get out of a timeshare contract now, they may end up giving them to their children after they pass on — whether they like it or not. Even though receiving a timeshare inheritance might seem like a nice idea, too many beneficiaries realize too late that they should talked to their parents about how to cancel a timeshare before they passed on. If you’ve found yourself in a similar situation, you’ll want to read these timeshare inheritance FAQs.

What happens when a timeshare owner passes away?Timeshare law can be extremely complex, which is why so many people don’t even know how to get out of timeshare ownership. These contracts are so ironclad that even death will not technically release an owner from their obligations. If an owner is unable to find a new owner to take over their timeshare before they pass away, the timeshare will then become a part of their estate and given to their beneficiaries. The next-of-kin will have to take on the financial obligations of the timeshare, including timeshare maintenance fees, which can add up to hundreds or even thousands of dollars during the course of a year — and as timeshares depreciate in value, these fees often increase. This means that the children of a timeshare owner could be stuck with a property that’s rapidly dwindling in value that will force them to take on an undue financial burden they never asked for.

Can I (and should I) refuse the timeshare?The good news is that you do not have to accept an inherited gift. You can refuse, or disclaim, a timeshare. However, you’ll need a good understanding of both timeshare law and estate law to do so — which is why hiring a timeshare lawyer will probably be within your best interests. To refuse a timeshare, you’ll have to write and file what’s called a “Disclaimer of Interest.” This disclaimer must meet certain requirements (which often depend on the timeshare’s location and other factors) and must be received no later than nine months after the death of your parent. To disclaim your timeshare, you must not have received any benefits associated with it (including vacationing there after your parents’ deaths). Again, because estate and timeshare laws are complicated, you’ll want to talk to an estate attorney about proper procedures. As far as whether you should refuse the timeshare, most financial experts would likely agree that the inheritance would represent an unnecessary economic hardship.

Should I talk to my parents about canceling their timeshare now?The reality is that your parents might not realize that their timeshare could present a financial problem for you once they’ve passed. If they’ve been using their timeshare and are able to keep up with the fees, it may never have even crossed their mind. However, all those fees could end up being an issue for them if their financial situation changes due to medical costs or other circumstances. They also might not know that their children and other relatives have no interest in taking on the property. You should consider talking to them now about canceling their timeshare, as well as the importance of understanding timeshare laws and how they’ll impact their children in the future.

If you need help canceling your timeshare contract, please contact us today.

Timeshare Cancellation

When making the decision to cancel a timeshare, it is important to choose a firm that will best assist you in being released from your timeshare contract. We represent timeshare owners who have been misled by timeshare representatives and are now seeking to cancel their timeshare… Read more >

Testimonials

Average Client Rating Review of Attorney Susan Budowski

Overall rating

Excellent

Trustworthy

Excellent

Responsive

Excellent

Knowledgeable

Excellent

Kept me informed

Excellent

What a relief!! Five stars plus!!

Posted by Mark, a Arbitration client, 3 years ago

Overall rating

Excellent

Trustworthy

Excellent

Responsive

Excellent

Knowledgeable

Excellent

Kept me informed

Excellent

I recommend Susan Budowski.

I hired Susan < 1 month ago.

Susan handled my Arbitration matter.

I have previously worked with 3-5 lawyers.

In an industry rife with corruption, Susan Budowski is a Godsend. I’ve spent years and thousands of dollars falling for every scam to get rid of my timeshare. After countless hours of research, I finally found Susan. Professional, personal, upfront, my timeshare issues were resolved immediately!! What a relief!! I’m just sorry there’s only 5 stars available on this rating! Five starts plus!!

No More Timeshare Obligation

Posted by Marty, a Real Estate client, 3 years ago

Overall rating

Excellent

Trustworthy

Excellent

Responsive

Excellent

Knowledgeable

Excellent

Kept me informed

Excellent

I recommend Susan Budowski.

I hired Susan < 1 month ago.

Susan handled my Arbitration matter.

I have previously worked with 3-5 lawyers.

My husband and I for years tried several methods to get released from the timeshare obligation, none of which worked. After contacting Susan Budowski, within 2 months our troubles with timeshare ownership was over.

Susan immediately responded to my email and agreed to help us. I am so happy to recommend Susan Budowski to EVERYONE who no longer wishes to be burdened with a timeshare.

Effective, intellegent, compassionate attorney

Posted by MB, a Contracts client, 3 years ago

Overall rating

Excellent

Trustworthy

Excellent

Responsive

Excellent

Knowledgeable

Excellent

Kept me informed

Excellent

I recommend Susan Budowski.

I hired Susan < 1 month ago.

Susan handled my Arbitration matter.

I have previously worked with 3-5 lawyers.

Susan Budowski provided excellent service in every respect. She listened carefully to our problem with a difficult timeshare corporation. She gave us an accurate assessment of our case & cautioned us that she could not *guarantee* success. After that, she never flagged in her attentive and active pursuit of justice for us. AND SHE WON!! We received a full refund for what was due to us. Let me repeat: she listened actively. She was patient and listened to my emotional state over the situation. When she didn’t understand something, she said so and communicated until she did understand. She was fully intellectually engaged. She is a woman who is fully committed to justice and rights of the individual in relation to a large corporation. She provided us with great representation. I recommend her highly.

No More Timeshare Obligation

Posted by Marty, a Real Estate client, 3 years ago

Overall rating

Excellent

Trustworthy

Excellent

Responsive

Excellent

Knowledgeable

Excellent

Kept me informed

Excellent

I recommend Susan Budowski.

I hired Susan < 1 month ago.

Susan handled my Arbitration matter.

I have previously worked with 3-5 lawyers.

My husband and I for years tried several methods to get released from the timeshare obligation, none of which worked. After contacting Susan Budowski, within 2 months our troubles with timeshare ownership was over.